I trust you're having an amazing summer! As we embrace the heart of August, it's time to delve into the latest real estate statistics for July. But before we jump into those intriguing numbers, I wanted to bring something important to your attention.
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Now, let's dive into the exciting stats from July. The market continues to show impressive growth, with prices reaching new heights in various quadrants. Take a look at these remarkable statistics:
Price Growth by Quadrant:
North: Median price of $504,300 (up 4.3%)
Northwest: Median price of $698,800 (up 7%)
West: Median price of $680,800 (up 3.9%)
City Center: Median price of $595,300 (up 2.3%)
Northeast: Median price of $474,000 (up 7.6%)
East: Median price of $339,000 (up 17.8%)
South: Median price of $553,400 (up 6.3%)
Southeast: Median price of $555,300 (up 5.6%)
Sales Surge: The total number of sales in July was 2,647, marking a whopping 17.7% increase from the previous year. This surge is even more impressive considering the reduced inventory.
Inventory Impact: Inventory levels are down by 34% compared to last year. With high demand and limited supply, it's no surprise that this has led to significant price increases.
With benchmark prices up by 5.6%, median prices up by 12%, and average prices up by 9.7%, the market shows no signs of slowing down. The months of supply remain historically low, reinforcing the trend of price growth.
If you're considering selling, now is a great time to capitalize on the strong market. For buyers, it's essential to employ smart strategies to secure your ideal property in this competitive landscape.
Remember, every market has its unique intricacies, and expert guidance can make a world of difference. Whether you're thinking of selling, buying, or simply exploring your options, I'm here to help you navigate this dynamic market successfully.
Feel free to get in touch with me to learn more about the current trends, personalized strategies, and how you can benefit from the robust real estate market.
Looking forward to connecting and assisting you on your real estate journey!
